How can financial providers respond to the needs of a changing customer?

Data as a currency

Customers know data’s value and will trade it—for a return. They are willing to exchange personal data for new, customized benefits. Providers offering real value for data can earn increased trust and loyalty.

Gafa model appeals

For many consumers, and especially Gen Y and Gen Z respondents, Google, Apple, Facebook and Amazon (collectively known as GAFA) are attractive alternatives to traditional financial providers.

AUTOMATED SERVICING

Comfort with computer-generated support is growing, bolstered by lower costs, increased consistency and high reliability. Automated servicing can be the sole source of data for some customers, even when making more complex decisions around products.

Personalization

Generic product advice and services support will not do for today’s financial services customers. They expect their data to be leveraged into personalized advice and benefits, tailored to their life stage, financial goals and personal needs.

Channel agnostic

Most customers are less and less likely to care about which channel they use to communicate with their financial services provider. Their primary concern is quick and easy access.

Mapping the trends

Insurance57%Investment Advice67%Banking67%USA73%Canada65%Australia63%Brazil83%Chile74%Singapore67%Thailand85%Hong Kong66%Japan54%Nordics65%Ireland58%UK64%Italy73%France59%Benelux60%Spain68%Germany58%Indonesia87%67% would share more data with banks in return for new benefits67%Canada77%Thailand76%Japan66%Nordics59%Ireland66%Germany58%Italy59%Benelux56%Spain69%France64%USA79%Indonesia79%Hong Kong54%UK68%Australia73%Singapore68%Chile59%Brazil69%67%67% would share more data with investment advisors in return for new benefits Brazil68%Canada55%USA66%Australia52%Singapore57%Thailand68%Hong Kong56%Japan54%Nordics58%Benelux52%Italy61%Spain53%France49%Germany52%UK51%Ireland50%Indonesia70%Chile48%57%57% would share more data with insurers in return for new benefitsBanking40%Investment Advice46%Insurance36%Brazil60%Nordics25%USA50%Chile41%Australia38%Singapore36%Indonesia54%Thailand51%Hong Kong33%Japan21%Benelux29%Italy52%Spain45%France29%Germany40%UK45%Ireland40%Canada14%40%40% of Gen Y respondents would consider banking with Google or Amazon.USA45%Canada13%Chile33%Benelux27%Italy47%Spain40%France26%Germany29%UK46%Ireland42%Nordics21%Singapore34%Indonesia38%Australia36%Thailand40%Hong Kong29%Brazil56%Japan18%36%36% of Gen Y respondents would consider buying insurance fromfrom an online service provider, such as Google or AmazonBrazil56%USA59%Chile42%Indonesia48%Australia53%Singapore38%Thailand50%Hong Kong40%Japan43%Benelux41%Italy46%Spain43%France48%Germany36%UK49%Ireland40%Nordics37%Canada16%46%46% of Gen Y would purchase investment advisory services from Google or AmazonBanking71%Investment Advice78%Insurance74%USA72%Brazil83%Chile82%Benelux65%Italy79%Spain78%France67%Germany60%UK68%Ireland66%Nordic65%Australia60%Singapore79%Thailand87%Hong Kong77%Canada59%Indonesia90%Japan60%Banking71%71% would use entirely computer-generated support for bankingUSA79%Brazil89%Chile85%Benelux65%Italy84%Spain79%France76%Germany61%UK74%Ireland60%Nordics74%Australia66%Singapore84%Thailand94%Hong Kong81%Japan76%Indonesia95%Canada52%Investment Advice78%78% would use entirely computer-generated support for investmentsUSA74%Canada63%Brazil87%Chile86%Benelux67%Italy81%Spain80%France69%UK71%Ireland69%Nordics69%Australia64%Singapore80%Thailand88%Hong Kong78%Japan66%Indonesia91%Germany61%Insurance74%74% would use entirely computer-generated support for purchasing insuranceBanking63%Investment Advice73%Insurance64%USA67%Canada64%Chile76%Benelux51%Italy67%Spain68%France68%Germany57%UK62%Ireland64%Nordics58%Australia62%Indonesia67%Singapore70%Thailand60%Hong Kong57%Japan46%Brazil80%Banking63%63% say sharing data should deliver personalized product and services advice (banking)USA84%Brazil84%Chile74%Japan66%Australia67%Indonesia77%Singapore74%Thailand74%Hong Kong61%Nordics65%Germany64%Ireland71%Italy73%UK69%Spain73%France70%Canada87%Benelux53%Investment Advice73%73% say sharing data should deliver personalized product and services advice (Investment Advice)USA69%Canada70%Chile75%Japan53%Australia64%Indonesia69%Singapore72%Thailand64%Hong Kong59%Nordics58%Italy67%Spain69%Ireland69%France68%Germany57%UK62%Brazil78%Benelux51%Insurance64%64% say sharing data should deliver personalized product and services advice (insurance)Banking57%Insurance57%Investment Advice59%USA61%Canada57%Chile64%Benelux52%Italy59%Spain54%France60%Germany50%UK59%Ireland57%Nordics50%Australia58%Indonesia66%Singapore63%Thailand71%Hong Kong46%Japan37%Brazil74%Banking57%57% don’t mind which channel they use to communicate with their bankUSA61%Canada57%Chile64%Japan37%Australia58%Indonesia66%Singapore63%Thailand71%Hong Kong46%Nordics50%Italy59%Spain54%Ireland57%France60%Germany50%UK59%Brazil74%Benelux52%Insurance57%57% don’t mind which channel they use to communicate with their insurerUSA66%Brazil74%Chile60%Japan47%Australia59%Indonesia68%Singapore62%Thailand75%Hong Kong44%Nordics50%Germany52%Ireland50%Italy55%UK59%Spain51%France60%Canada60%Benelux45%Investment Advice59%59% don’t mind which channel they use to communicate with their investment advisor

Implications

What do these findings imply for financial services providers?

Customers are in control—get used to it

Financial providers used to control the customer relationship, but now consumers do. Retail financial services has shifted, from “business-to-consumer” (B2C) to “consumer-to-business” (C2B).

Since customers are ready and willing to exchange their data, financial providers can capitalize. Solid identity security practices build a baseline of trust, from which firms can explore data monetization opportunities.

Financial providers should expand their interactions with consumers. They should seek to integrate their services onto third-party platforms—such as GAFA—to achieve this, or even to become “curators” of their own platforms that offer broader benefits to their customers across an integrated digital ecosystem.

In a data-driven enterprise, financial providers can offer personalized products. By using advanced analytics, they can match customers’ life stage or immediate financial needs with tailored, curated services.

Simplify the customer journey—both within and across channels

With the rise of omni-channel, cross-channel functionality is essential for financial customers—who may begin a transaction on one device and finish on another. Seamlessness is key—customers focus on the interaction, not the channel.

Take a closer look

The Financial Services report examines the global trends and considers what they will mean for this fast-evolving market.

Behind the top-line trends: Three distinct groups emerge

A deeper dive into our research identified three groups of consumers, each with its own different set of behaviors and preferences for engaging with financial providers.

Consumer Personas

The new financial consumer:
One of three

The 33,000 consumers responding to our survey demonstrated markedly different needs and priorities. We identified three distinct personas. Meet your new customers:

The Nomads

This digitally active group is ready for new delivery models. They are willing to share their data in exchange for personalized services. Nomads are comfortable with computer-generated support and with receiving services from non-traditional providers.

The Hunters

These consumers search for the best price. They want to buy financial services from traditional providers and, while they operate well in a digital environment, they also place value on one-on-one engagement.

The Quality Seekers

These loyal customers value brand integrity and service excellence, and will work with providers who put customers' interests first. Price is less important than elements such as data protection and responsive service.

Prevalence by Market:
The populations for these three personas varies by market. See which personas dominate in various locales.

Nomads

Hunters

Quality Seekers

Note: due to rounding, totals may not equal 100%

A CLOSER LOOK AT THE NEW CONSUMERS

Learn more about persona preferences in each financial service

MEET OUR LEADERS

Piercarlo Gera

Global Managing Director,
FS Distribution & Marketing

Piercarlo is Accenture’s global lead for its Financial Services Distribution & Marketing practice, which covers work in distribution channels (such as branch, mobile, web and social media) and marketing (such as big data, analytics and CRM).

Miguel Montañez

Miguel works with clients in Europe, Latin America and Africa in large transformation programs related to business intelligence, CRM, customer experience, omnichannel distribution strategies and new business models.

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